Americans have 1.6 trillion in car loan debt?

[Based Lord Zedd]

I hate car loans. My old car was paid off + had low miles but it was totaled. I had to get a car and splurged a bit and now I'm counting down the days until I can pay this off.

 

[Big Blue]

$0 debt G train / L train gang

A Train here. Company pays for my MetroCard too

 

[Ozymandeas]

Got 12k left on my truck and I’m never getting another note. Would’ve kept my ‘11 impala if it didn’t keep breaking down. Need something reliable in this snow

14K on mine and im counting down the days.

Going forward, I'm riding this jawn til it falls apart then im buying used Hondas and Toyotas only.

 

[CashmereThoughts]

A Train here. Company pays for my MetroCard too

March I hit 10 years of the no car life

 

[CashmereThoughts]

14K on mine and im counting down the days.

Going forward, I'm riding this jawn til it falls apart then im buying used Hondas and Toyotas only.

Throw extra bread on that payment and save a ton in interest

 

[AAKing23]

March I hit 10 years of the no car life

That’s great, cars are endless money pits even if they’re reliable, if you don’t have to use em you can save that money

 

[DaSk8D00D]

Got a paid off ‘16 Honda with only 67k miles on it ima be driving that shyt til the wheels fall off. I’ve been the only owner and I work remote so itll last quite a while

My income increased multiple times since I got it but that combo of less bills + pay raises is too potent to ever willingly go back to paying a car note

 

[Mordith]

The fact you’re still paying on a car 6 years later…5 years used to be the longest loan, most people were doing 3-4 yr loans. Now the industry got people happily paying cars off for 6/7/8 years

It boggles my mind how financially illiterate the majority of you nikkas are...

When you're only paying an APR of 1.99% who gives a fukk how long the loan is for?

Total Loan Amount	$40,000.00​
Sale Tax	$2,640.00​
Total of 72 Loan Payments	$42,468.63​
Total Loan Interest	$2,468.63​
Total Cost (price, interest, tax, fees)	$45,108.63​

Paying less than $2500 over 6 yrs on a $40k loan is a steal.

 

[dora_da_destroyer]

It boggles my mind how financially illiterate the majority of you nikkas are...

When you're only paying an APR of 1.99% who gives a fukk how long the loan is for?

Total Loan Amount	$40,000.00​
Sale Tax	$2,640.00​
Total of 72 Loan Payments	$42,468.63​
Total Loan Interest	$2,468.63​
Total Cost (price, interest, tax, fees)	$45,108.63​

Paying less than $2500 over 6 yrs on a $40k loan is a steal.

It’s not just about interest, it’s about how long you’re upside down on the loan. Accidents happen, stolen vehicles, moves that necessitate getting rid of a car, etc - sucks to owe more than the car is worth and have to come out of pocket to make yourself whole.

 

[Shadow King]

$1.6T/100M drivers = $16K. Not that outlandish.

 

[Wild self]

New car prices outplaced inflation because of GREED.

25 years ago, anyone with a job that paid above minimum wage was able to get a new whip with ease.

 

[JT-Money]

It boggles my mind how financially illiterate the majority of you nikkas are...

When you're only paying an APR of 1.99% who gives a fukk how long the loan is for?

Total Loan Amount	$40,000.00​
Sale Tax	$2,640.00​
Total of 72 Loan Payments	$42,468.63​
Total Loan Interest	$2,468.63​
Total Cost (price, interest, tax, fees)	$45,108.63​

Paying less than $2500 over 6 yrs on a $40k loan is a steal.

You still have to pay property tax and insurance. Plus the car is depreciating faster than your paying it off.

These car companies are price gouging like crazy with these prices. Which in turn drives up the cost of insurance and property taxes. The economy is contracting so anyone stuck with a car payment these days. Is playing Russian roulette with their finances.

The Average New Car Price Is Unbelievably High

If you were to guess what the average new car price is nowadays, what would you guess? I guessed $25,000, since my Honda Fit is sweet for an economy car and only costs $19,600 new. Given I'm frugal, leaving a 20% upside pricing buffer seemed logical. Too bad I was way off! According to Kelley Blue

www.financialsamurai.com

Starting in 2014, notice how the average new car price started increasing much faster than the rate of inflation. In 2021 and 2022, the industry saw an even bigger increase in average new car prices due to a decline in public transportation and supply shortages.

 

[ORDER_66]

I want a used car but since covid those prices went insane... PLUS NOW THEY GETTING FOLKS ON INSURANCE TOO.... your perfect record dont mean shyt no more. Price of the brick going up

 

[Arithmetic]

I want a used car but since covid those prices went insane... PLUS NOW THEY GETTING FOLKS ON INSURANCE TOO.... your perfect record dont mean shyt no more. Price of the brick going up

Buy it in a cheaper state and ship it or drive it back

 

[ORDER_66]

Buy it in a cheaper state and ship it or drive it back

While this is a good idea... I still have to get insured here in nyc prices went through the roof irregardless... Its not the used car prices that are a problem anymore